Update: iShares Swiss Domestic Government Bond 3-7

Dieser ETF auf Bundesobligationen konzentriert sich auf die mittleren Laufzeiten.    

Jose Garcia Zarate 19.09.2014

Rolle im Portfolio

The iShares Swiss Domestic Government Bond 3-7 ETF offers investors exposure to the performance of the medium-dated segment one of the safest government bond markets in the world. For most investors, particularly non-Swiss based, this ETF is likely to be used as a hedge to riskier elements in an investment portfolio. The benefits of this insurance policy role could be ultimately defined as compounded, as capital gains on Swiss government bond holdings at times of risk aversion might be enhanced via currency strengthening, with the Swiss Franc (e.g. CHF) also fulfilling a safe-haven role in the world’s foreign exchange market.   

Despite the medium-dated maturity bias, investors may also consider this ETF for cash (e.g. CHF) equitisation purposes. However, attention should be given to the potential for capital losses arising from exposure to domestic interest rate risk. Regarding this latter point, those with a Swiss-centric portfolio can also use this ETF for duration management purposes in response to variations in interest rates, with the medium-dated maturity of the fund allowing for both lengthening and shortening strategies depending on the overall duration of the investment portfolio.

Unless used as the fixed income building bloc of a Swiss-centric investment portfolio, the majority of likely uses for this ETF would make it more a satellite than a core element in asset allocation. As this is a CHF-denominated non-UCITS-compliant ETF, non-Swiss investors will have to account for foreign exchange and specific tax implications whenever making use of it.

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Über den Autor

Jose Garcia Zarate  ist Senior ETF Analyst bei Morningstar

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